Hinduja group keen on Jet Airways takeover; seeks Naresh Goyal's consent

The Hinduja group would be keen to take over Jet Airways, provided lenders agree to take a substantial haircut on their dues and founder Naresh Goyal gives his consent to the takeover. A top official of the group said it sees value in the airline, which is going through a crisis.

“We may look at the airline provided banks agree to take a haircut on debt. The high debt is unsustainable,” said a source close to the development. Jet Airways owes Rs 9,000 crore to banks and has defaulted to banks, suppliers and employees. Its operations have shut down due to lack of funds.

If both banks and Goyal agree, the group will start talks with Etihad, which had made a bid for the airline last week. Goyal owned 51 per cent stake in the airline of which 41 per cent stake is pledged with the lenders. “Goyal has run the airline like his own baby and we do not want to take any action unless he agrees,” the source said.

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